DSD Renewables has closed on $75 million in tax fairness financing from Bank of America to assist the corporate’s 2023 construct plan. The funding will assist the event and deployment of 61 MW of economic and industrial (C&I) tasks, in addition to group solar and storage belongings, throughout California, Connecticut, Illinois, New Jersey, New York, Massachusetts, Minnesota, Pennsylvania and Washington, D.C.
“This investment is key in enabling DSD to efficiently deploy approximately a quarter of the projects in our 2023 build plan,” mentioned Hannah McGovern, DSD’s VP of mission finance. “DSD develops projects that benefit a diverse set of offtakers. Many of our projects aim to qualify for the low-to-moderate income, energy community, and domestically produced incentives established by the Inflation Reduction Act. This financing will allow us to optimize the value for our customers and partners, while delivering low-cost, low-carbon energy solutions across the U.S.”
This deal marks the second tax fairness financing DSD has closed with Bank of America, one of many high renewable energy buyers and lenders within the U.S. with a portfolio of roughly $13.5B as of December 31, 2022. Since 2015 Bank of America’s investments have contributed to roughly 41GW of put in renewable wind and solar energy capability within the U.S. Through its sustainable finance aim, Bank of America has dedicated to mobilize and deploy $1.5 trillion in sustainable finance capital by 2030 to speed up the transition to a low-carbon economic system.
“Solar power is a source of clean, affordable electricity and job creation in communities across the U.S. This transaction supports the proliferation of commercial, industrial and community solar projects, and we’re proud to be delivering the financing solutions that this industry needs to continue growing,” mentioned Omer Farooq, Managing Director within the Global Sustainable Finance Group at Bank of America.
Since spinning out of GE in 2019, DSD has accomplished 5 tax fairness funding offers and raised over $1.8 billion so far, together with the issuing of a first-of-its-kind asset-backed securitization.
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Tags: Bank of America, industrial and industrial, DSD Renewables, Financing
